By Myrna Trauntvein
Once again, Juab County has received a "clean opinion" audit report.
"Are we better off at the end of the year than at the start of the year?" asked Denton Alexander, CPA. "Yes, we are."
Alexander, Jon Beaer, and Jeremy Wilkey, representing Hawkins Cloward & Simister, Certified Public Accountants, LC., met with Juab County Commissioners to issue the annual audit report as compiled by the independent auditing firm.
The men had nothing but compliments for the departments of the county and for their polite and professional responses to the needs of the auditors.
"We have a great relationship with county personnel," Alexander said. "There was a lot of cooperation, smiles, and great responses to our requests for the information required."
He also complimented the commission on their approach to the budgeting of county funds.
"I am always impressed that the county approaches budgeting in a careful and conservative way," he said.
The government-wide financial statements captured finances in the same way that a commercial record might do.
"Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the county's financial status as a whole," said Alexander.
He said that Pat Ingram, county clerk/auditor, had prepared the management's discussion and analysis for the county and complimented her for her work in doing so.
"The management letter is a good place for someone wanting to understand the budget to start," said Alexander.
The government-wide assets of Juab County exceeded its liabilities by $259,264,703 and the government's total net position increased by $3,364,134.
The county's governmental funds reported combined ending fund balances of $9,578,482, a decrease of $29,910 over the prior year's ending fund balances.
Governmental funds report capital outlay as expenditures.
"The county has $246,000,000 of its equity tied up in roads, bridges and etc." said Alexander.
One plus for the county, he said, was the fines and forfeitures category.
"The court generates so much in fines/forfeitures, that it more than covers their costs," he said.
He said that the basic financial statements to be reviewed with commissioners included integrated sets of financial statements as required by accounting principles generally accepted in the United States of America.
Those statements included government-wide financial statements, fund financial statements, governmental funds, proprietary (enterprise) funds, fiduciary funds, and component units.
"The county owns and rents a bunch of buildings," said Alexander.
The proprietary funds include a state of net position and compare totals with those of the prior year, in this case, 2011 is compared with 2012 for purposes of the audit.
Assets, liabilities and the net position are compared.
Listed are the Municipal Building Authority, the Landfill Operation and the JRDA Landfill Fund.
Assets under those headings are shown as equipment, buildings, land, and accumulated depreciation.
Total assets for the Municipal Building Authority are $6,871,431; for the landfill operation, $697,552; and for JRDA, $1,474,159. Fixed assets and long-term debt result in a total net position of $3,063,017.
"These make up the business-like funds," said Alexander.
The proprietary fund statement of revenues, expenses and changes in net position includes comparison of 2011 and 2012 operating revenues, operating expenses, non-operating revenues, and transfers.
When the dust settled, said Alexander, the county had $252,000 more in revenues in this fund than was anticipated.
The RS2477 fund, began several years ago, had been zeroed out, he said, since it was no longer needed.
The audit also discusses proprietary funds, fiduciary funds, the treasurer's trust tax fund and the court trust fund.
"The component units of the county were created for specific purposes," said Alexander.
Those component units are the Juab County Special Service District #1, to account for ownership, operation and maintenance of the museum in the old county courthouse; the Juab County Special Service District #2, to account for the expenditure of mineral lease monies; and Juab Special Service Fire District, to account for the revenues and expenditures associated with fire protection in the county.
"Notes to the financial statements are included to provide information that is essential to a user's understanding of the basic financial statements," he said. "Included component units are those for which the elected officials of the county are financially accountable and other organizations whose exclusion would cause the reporting entity's financial statements to be misleading or incomplete."
Each potential component unit is individually evaluated using the specific criteria outline in GASB statements.
Juab County Fair Board, Municipal Building Authority of Juab County, Juab Rural Development Agency Landfill, Juab County Special Service District #1, Juab County Special Service District #2, and the Juab Special Service Fire District were included in the county's financial statements for 2012.